baying a used car on my credit card

peter2511

hi i am looking to buy a used car for about £2000. i have a bed credit score so the rate i got for the fiance was 24.9% apr

so i was thinking about getting this on my credit card as it is only 15.9% apr

am i right in thinking this would be the best thing to do

CannyJock

It's not just the APR you need to look at it's the amount you repay each month to calculate the monthly interest and the total amount you repay.

It's not really stoozing though

brewerdave

Plus - I tried to buy a 2nd hand car for my daughter a couple of years ago on a GM Visa CC (so that I could get GM points to use against the purchase of a new Vauxhall for my wife).
The dealer told me he would have to increase the cost of the car by ~ £250 to cover his "admin" charges by allowing such a big sum on CC, wasn't then worth doing it!

mrs_T

I bought my mum a 2nd hand car 6 months ago on a tesco 0% cc. The garage charged me 72 pounds for paying 4900 pounds by cc but I didn't think that was too bad and I will have saved the 4900 in my A+L ISA by September and get interest on it until the end of the 0% period in march 2011. Im knocking down the cc balance paying the minimum monthly repayment as well.

chrisab

I've done this before but only when I had 0% and paid it off before this period ended

Debt_Free_Dreamer

I've paid for part of the car on a Virgin credit card when it was 0% on Purchases. No fee charged by the garage.

We did not mention the card till the end, after all the paperwork was done when we just whipped them out and paid part on a debit card and part by credit card.

baboosaa

Buying a car like thing from a credit card might cost you far far more ultimately then it really is. This is all because of high payments they want and high rate of interest they take. So don't think of that.

worried_jim

baboosaa wrote: »

Buying a car like thing from a credit card might cost you far far more ultimately then it really is. This is all because of high payments they want and high rate of interest they take. So don't think of that.

If 15.9% is the best rate that you can get then go for it, if you have been quoted the next best rate at 24.9% then you'd be mad not to. I am guessing that baboosaa didn't see that in your original post.

Bob_the_Saver

"i have a bed credit score so the rate i got for the fiance was 24.9%"

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!